MARKET NEEDS IN A
POTENTIAL MARKET
POTENTIAL
MARKET
POTENTIAL MARKET
future customers – the
people who could buy
your products or
services down the line.
Why is finding your
potential market so
important?
RUEFTU
GONIOPRF
FUTURE PROOFING
FUTURE
Why is PROOFING
finding your It helps you find
potential
market so new customers,
important? ensuring your
business stays
alive and thrives.
TWGORH
TSEDMNI
GROWTH MINDSET
GROWTH
Why is MINDSET
finding your It pushes you to
potential
market so think proactively
important? about how your
business can
expand and adapt.
IGTARTC NT
PSTUPRO
ATTRACTING SUPPORT
ATTRACTING
Why is
SUPPORT
finding your It shows investors
potential
market so and partners the
important? exciting growth
opportunities your
business has.
OGONSBTI
TRSOFPI
BOOSTING PROFITS
BOOSTING
Why is
PROFITS
finding your
potential
market so More customers,
important? more sales,
more money!
ETCGIRATS
NGNLAPIN
STRATEGIC PLANNING
STRATEGIC
Why is
PLANNING
It helps you
finding your prepare for
potential
market so changes in the
important? economy or
market so you're
always one step
By identifying your
potential market, you're
not just increasing sales
today, but setting
yourself up for even
greater profits in the
future.
How Do Entrepreneurs
Understand Their
Potential Market?
How Do What do people
Entrepreneur
s Understand want and need?
Their What problems
Potential
Market? are they trying
to solve?
How Do What products are
Entrepreneur they looking for?
s Understand
Their
What specific
Potential goods or services
Market? will meet those
wants and needs?
How can we deliver
How Do products safely and
Entrepreneur efficiently?
s Understand Customers are VIPs
Their
Potential
(Very Important
Market? Persons) – their
safety and
satisfaction come
first!
Market Dynamics:
The Power to
Purchase
The ability of people to buy
products or services can
change. It can grow (expand)
or shrink (contract).
KRTEAM
MNDDEA
MARKET DEMAND
Market Demand
the total desire and ability
of all potential customers
to buy a specific product
or service within a certain
area and time.
Value & Satisfaction:
Making Customers
Happy
Customers aren't all the
same. They have
different needs,
different budgets, and
they see different
"value" in the same
VALUE
The product with the
absolute highest quality
isn't always the one
customer’s value most.
To make customers feel valued,
entrepreneurs must:
• Offer good brands and
quality
• Provide full satisfaction
• Balance quality and price
• Ensure consistency
Products &
Services
Products (Tangible
Goods)
These are things you can
see and touch.
Example: A new
smartphone, a pair of
shoes, a delicious cake.
Services (Intangible Goods)
These are things you can't touch,
but you pay for someone's skill,
talent, or effort.
Example: A haircut, a
doctor's consultation, a
car repair, a yoga class.
TYPES OF
PRODUCTS
URDALESB
DURABLES
TYPES OF PRODUCTS
1. DURABLES
Products that last a
long time, so you don't
buy them often.
TYPES OF PRODUCTS
1. DURABLES
Television sets
Cars
Refrigerators, washing
machines,
furniture.
O N N -U R D A L E S B
NON-DURABLES
TYPES OF PRODUCTS
2. NON-
DURABLES
Products that are
consumed quickly or
used up, so you buy
them repeatedly.
TYPES OF PRODUCTS
2. NON-
DURABLES
Shampoo, bar soap
Biscuits, milk, fresh
produce
Batteries, pens, cleaning
supplies.
RVCSEIES
SERVICES
TYPES OF PRODUCTS
3. SERVICES
As mentioned, these are
intangible and involve no
physical items.
TYPES OF PRODUCTS
3. SERVICES
Training services
Food vending
Dental services
Rental services
Concerts, online streaming
subscriptions
CATEGORIES
OF
PRODUCTS
CATEGORIES OF PRODUCTS
1. CONVENIENCE PRODUCTS
These are low-risk, low-
effort purchases. You don't
spend much time or money
on them.
CATEGORIES OF PRODUCTS
[Link]
CONVENIENCE PRODUCTS
goods: Bread, milk, eggs –
things
you buy regularly without much
thought.
Candy bars, newspapers, bottled
water.
These are often sold in many places
(like
CATEGORIES OF PRODUCTS
2. PREFERENCE PRODUCTS
You might have a favorite
brand, but you're willing to try
another if your first choice isn't
available.
CATEGORIES OF PRODUCTS
2. PREFERENCE PRODUCTS
You prefer "Brand X" coffee, but
if it's out, you'll buy "Brand Y."
Your favorite type of yogurt, but
you're okay with a substitute.
CATEGORIES OF PRODUCTS
3. SHOPPING PRODUCTS
You're willing to spend time
and effort comparing
different options before
buying.
CATEGORIES OF PRODUCTS
3. SHOPPING PRODUCTS
Tiles for your house: You'd visit
several stores, compare prices,
designs, and quality.
New appliances: You'd research
different models, read reviews, and
check features.
Clothing (e.g., a new suit or dress),
CATEGORIES OF PRODUCTS
4. SPECIALTY PRODUCTS
These are unique, often
customized, and buyers are
extremely loyal to them. They'll
go out of their way to get
exactly what they want.
CATEGORIES OF PRODUCTS
4. SPECIALTY PRODUCTS
A specific luxury car brand (e.g.,
a
Ferrari).
A custom-made wedding dress
or suit.
Understanding
Customer Needs:
The Heart of Your
Business
How to Identify Customer Needs
• FOCUS GROUPS
Gather a small group of
potential customers and
discuss their thoughts
and feelings.
How to Identify Customer Needs
• LISTEN TO YOUR
CUSTOMERS
Pay attention to their
feedback, comments, and
complaints.
How to Identify Customer Needs
• SOCIAL MEDIA
MONITORING
See what people are
saying online about your
industry, products, and
competitors.
How to Identify Customer Needs
• KEYWORD RESEARCH
Use tools to see what
terms people are
searching for online – this
reveals what they're
Key Concepts in
Understanding Your
Market
• NEEDS
Things we must have to
survive.
Examples: Food, water,
shelter, clothing, safety.
• WANTS
Desires for goods and services
we would like to have, but don't
strictly need for survival.
Examples: A new smartphone,
a fancy meal at a restaurant, a
designer bag.
•
DEMANDS
Wants for specific products that
a buyer is both willing and able
to pay for within a certain
timeframe.
This means they have the
money and desire to buy it.
•
DEMANDS
Example: You want a new
laptop, and you have
enough money saved to
demand a specific model.
•
PRODUCT
Anything (good, service, or
idea) offered to a market to
satisfy a want or need.
o Examples: A book, a car, a
haircut.
•
SERVICES
Non-physical, intangible parts
of our economy. You can't touch
them.
o Examples: Getting a
massage, consulting with a
lawyer
•
EXPERIENCES
Knowledge or skill gained from
doing an activity or job for a
long time.
o Examples: Attending a
concert, traveling to a new
country, a cooking class.
VALUE
What customers believe a
product or service is worth to
them. It's about the benefits
they get compared to the cost.
o Example: A cheap
umbrella might offer low
value if it breaks easily.
•
How well a product
SATISFACTION or service
meets a customer's
expectations. If it meets or
exceeds expectations, they're
o Example:
satisfied! If you expect
your new phone to have a
great camera, and it does,
• EXCHANGE
The act of getting something
you want from someone by
giving them something in
return.
o Example: You give money
to a store, and they give
you a product.
•
A RELATIONSHIP
connection built over time
between two people or entities. For
businesses, this means building
loyalty
o with customers.
Example: A customer
consistently chooses your coffee
shop because they like the service
and the taste – that's a
MARKETS
A group of individual or
organizational customers who both
want to buy a product or service
and have the money to do so.
o Example: The "smartphone
market" includes all people who
want a smartphone and can afford
one
